ECONOMIC development chiefs are using the visit of a prestigious sporting event to North West Wales to promote the region to a global audience as a location for new business.

The two-day Welsh Business Showcase event, being concluded in Pwllheli today, coincides with the One Ton Cup sailing competition.

The 102-year-old international sailing regatta is attracting international media coverage, not just of the world-class sailing, but also the area, its people and business opportunities. The worldwide television audience is expected to number more than 200m.

Welsh Development Agency chief executive Graham Hawker, who opened the Business Showcase in a marquee at Pwllheli Marina on Tuesday, said: "The One Ton Cup is a spectacular coup for Pwllheli and Wales. The so-called Grand Prix of sailing brings with it a host of economic benefits rising to millions of pounds.

"But, as well as the immediate financial benefits that this event brings, it also provides an amazing opportunity to promote Wales - from our people to our industry - to a global audience.

"Where else can you find the sort of marketing opportunities that this type of event provides. We must maximise these opportunities and one way is by showcasing some of our businesses to the international audience we have here on our doorstep, both in person and through the media.''

Mr Hawker said the 1999 Rugby World Cup, the One Ton Cup and Wales' Ryder Cup bid were not just great sporting occasions but also opportunities to raise Wales' reputation throughout the world and attract new investment and economic development.

Gwynedd County Council said: "Pwllheli has this year hosted a number of national and world championships. The One Ton Cup is the Formula 1 of sailing and it will certainly put Pwllheli on the international sailing map. The potential spin-off benefits for the town are significant.''

About 80 companies, ranging from clothing and equipment suppliers to food and wine producers, will market their products at the showcase event organised by Business Connect Wales and its partners, including the WDA, Wales Tourist Board, Gwynedd council and Antur-Dwyryd Llyn. There will also be a Welsh food festival during the week featuring local producers and chefs.

The WDA said business units were available immediately or were being built at locations such as Porthmadog, Penrhyndeudraeth and Caernarfon, for companies wishing to move to the area.